ETrade swings to Q4 profit, but revenue dips

ChristinaRexrode

NEW YORK (MarketWatch) -ETrade Financial
ETFC, -1.43%
reported it swung to a fourth-quarter profit of $57.86 million, or $0.20 per share, from a loss of $186.06 million, or $0.65 per share, a year ago. Revenue fell 4% to $447.10 million, from $467.66 million a year earlier, the online brokerage said Thursday. Analysts had expected earnings of $0.19 a share on revenue of $426 million, according to FactSet. The year-ago results were hurt by losses the company took to pay down debt early. Paul Idzik became CEO the following quarter, and has taken steps like shaking up executive ranks and restricting expenses. Shares in ETrade were down 1.5% in after-market trading, on a down day for the stock market.

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